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A BILL TO BE ENTITLED
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AN ACT
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relating to the amount of money transferred to the owner-builder |
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revolving loan fund and the maximum loan amount made to persons |
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under the owner-builder loan program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.754(b), Government Code, is amended |
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to read as follows: |
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(b) If it is not possible for an owner-builder to purchase |
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necessary real property and build or rehabilitate adequate housing |
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for $45,000, the owner-builder must obtain the amount necessary |
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that exceeds $45,000 from other sources of funds. [The total amount
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of amortized, repayable loans made by the department and other
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entities to an owner-builder under this subchapter may not exceed
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$90,000.] |
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SECTION 2. Section 2306.7581(a-1), Government Code, is |
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amended to read as follows: |
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(a-1) Each state fiscal year the department shall transfer |
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at least $5.5 [$3] million to the owner-builder revolving loan fund |
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from money received under the federal HOME Investment Partnerships |
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program established under Title II of the Cranston-Gonzalez |
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National Affordable Housing Act (42 U.S.C. Section 12701 et seq.), |
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from money in the housing trust fund, or from money appropriated by |
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the legislature to the department. This subsection expires on, and |
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a transfer may not be made under this subsection for a state fiscal |
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year that begins after, the later of August 31, 2025, or the last |
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day of the first state fiscal year for which an audited financial |
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statement completed by an independent certified public accountant |
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confirms that annual repayments made to the department under this |
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subchapter equal the projected amount of funding made under this |
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subchapter [2020]. |
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SECTION 3. (a) As soon as practicable after the effective |
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date of this Act, the Texas Department of Housing and Community |
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Affairs shall adopt rules necessary to implement Sections |
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2306.754(b) and 2306.7581(a-1), Government Code, as amended by this |
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Act. |
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(b) The change in law made by this Act in amending Section |
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2306.7581, Government Code, applies beginning with the state fiscal |
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year that begins September 1, 2017. |
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SECTION 4. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |